It seems that the term “business intelligence” has become a synonym for technical solutions providing users with piles of reports and dashboards. The market is flooded by different data visualization tools, mix & match technical solutions and service provides. The decision maker is buried with technical features and functionalities when searching for the one, true-match to help develop their business. Not to mention the endless possibilities of licensing these solutions…
I know my BI… or do I?
Luckily, there is plenty of information available for comparing a variety of solutions, finding out the crucial differences, and choosing the right solution to suit the purpose. But no technical solution, no matter how complex or flexible, will ever solve actual business problems if there is no working Core Business Management -process in the organization.
“Not defining the business problems before implementation” has been listed as one of the most common mistakes in implementing a business intelligence -solution to an organization. Well it wouldn’t be the first time, when asking about business development targets from customer, the answer is: “We would like to improve a bit of everything.” -Not a very restricted development area, eh?
BI is a system… NOT!
This is where Core Business Management process jumps in. Creating a systematic process of managing and developing any business is the most effective way to actually implement the great philosophy behind the term “business intelligence.” In this way, you get the most out of your chosen BI -solution.
A successful Core Business Management-process is built on these main pillars:
Gather and harmonize your data into one place. This way you will have one truth and a better understanding of the current state of your business, despite the count of different source systems.
Create a culture of transparency.
Ask questions, and be sure to receive answers based on the transparent and accurate information.
How did we end up here?
Plan and set targets.
What do we want to achieve? Where do we need to go? How?
Make projections into the future based on existing data
People possess true intelligence over any kind of reports. Set transparent targets and KPI’s. Discuss, communicate and innovate.
Eventually share the right information to the right people at the right time. Right?
Instead of seeing this as a project where at the end every single business problem is solved, Core Business Management should be seen as a constantly revolving and evolving -ongoing process. Just as businesses grow and develop! And even though there are six elements listed above, it doesn’t mean that all six aspects need to be implemented before you can gain benefit. Just like Rome wasn’t built in a day.
First things first!
Before jumping into enriching BI solutions with IoT or Big Data, it is important to take control and truly utilize the basic business information that your organization is producing daily. Core Business Management -process will reveal the bottle necks and development targets of your business, allowing you to actually implement business intelligence to your organization, instead of investing into just another IT -project.
Author: Simo Vesterinen, CEO of Visionbay Solutions Oy